Session Description:

Small businesses are important to the U.S. economy and the well-being of local communities. They employ half of the nation’s private sector workers and in recent decades have created two-thirds of net new jobs. Yet, unlike large firms, which rebounded relatively quickly from the Great Recession, the pace of recovery for small firms has been slower and more uneven.

An important part of measuring the small business recovery is tracking firms’ demand for and ability to access capital. The Joint Small Business Credit Survey, a collaboration between the Federal Reserve Banks of New York, Atlanta, Cleveland, and Philadelphia, attempts to to capture changing aspects affecting small business credit demand and access to capital. Responses from small businesses in Alabama, Connecticut, Florida, Georgia, Louisiana, New Jersey, New York, Ohio, Pennsylvania, and Tennessee were captured as part of this effort.

Members of the Joint Small Business Credit Survey team will discuss survey results and present findings that provide insight into the dynamics behind aggregate lending trends. They will also shed light on noteworthy segments of the small business credit market, including small dollar borrowers.

Speakers include:

Marysol McGee, Federal Reserve Board of Governors (moderator)

Claire Kramer Mills, Federal Reserve Bank of New York

Theresa Singleton, Federal Reserve Bank of Philadelphia

Daniel Davis, Federal Reserve Bank of St. Louis (host)

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